ICICI Lombard gets GST demand notice of over Rs 5.66 crore

ICICI Lombard on Wednesday said it received a demand notice for alleged short payment of GST of over Rs 5.66 crore. In a regulatory filing, ICICI Lombard General Insurance Company said it has received an order from the Joint Commissioner CGST & Central Excise, Bhopal, Madhya Pradesh, raising a GST demand of Rs 5,66,02,264 and levying a penalty of Rs 56,60,226.

Taking into account the GST and penalty, the total demand amount is over Rs 6.22 crore. Plus, an interest u/s 50 of the GST act would be levied.

"The company will be filing an appeal against the said order," it said.

The GST demand has been raised on the grounds of computation of input tax credit eligible to the company and alleged undischarged tax liability due to differences between returns filed by the company, ICICI Lombard said.

Shares of ICICI Lombard were trading at Rs 1413.05, down 0.22 per cent over previous close on the BSE.